...and remember I am passing up some, you can only gather in so many, deal with finance and acquire.
Which is fine, others have had some fun buying well too, there is no set thing for doing this, it's being there, knowing your area, what a place is worth, being aware of all the auction dates, AND attending them....even in rain! (All the better).
Knowing what is on the market immediately and the stuff that has been there a while, the agents might be having trouble? selling.
Some will say well, there is a reason it's not selling, well, that maybe correct, but that's where perception comes in, other buyers put off by a grubby looking property, untidy, maybe minor repairs needed.
I've seen buyers attend auctions and go hammer and tongs over property that needed major repairs, (new roof plus interior damage), pay top dollar for something they will then outlay more relatively big $$ just to bring it up to value/standard that is not a bargain.
But guess what, it was well presented. You do need to differentiate b/w adding value/bit of a clean up, minorish repairs, paint jobs, good airconditioning, landscape the garden stuff and serious repairs.
-So that is due diligence. On something you know about, (eg the property prices/values).
-Using the poorly presented property as a bargaining tool. The old: "oh, I might be able to take it off your hands" speil. You would be surprised how much leverage you can run with that.
-My personal favorite is attending the auctions and no one makes a bid....that is double leverage. Not only is the property poorly presented, (even though it's a fair dinkum GEM!!!) BUT nobody bid on it!!
Woohoooo!!!!!!!!!!!!!
So then you casually as casual can make out you might be interested, but not much. Put in a ridiculous offer, sometimes, that comes off. Sometimes you may go back and forth a little, so eventually get it for what you had intended anyway.
-I am finding the regional city areas are picking up, more interest, much more spirited bidding, prices creeping, creeping upward, I have possibly seen the easy pickings days pass. Thing is I have stashed away a heap of land through all this, so I go from plan A to plan B...build new houses ...new executive rental properties, and rent them for premium prices on land that I got very, VERY cheaply because I was doing the above.....and then repeat....
It's fun.
Investors may not realise the opportunity within regional cities, I see and hear people just on this board rejecting regionals for different and obscure reasons, these cities are catchment areas for the rest of the state.
Statistically they can perform, (if not better) than many of the metro areas, (if you buy well and know your stuff), remember that regional Victoria has almost 30 per cent of the State's population or approximately 1.4 million people. Give or take a bit of this and that...
It is affordable entry into property investing. If you do your diligence, learn a little more than what you think you might know...perceived no capital growth is jibberish by people that actually bought poorly or don't know what they are talking about. Learn about what you are doing, develop a mindset of openness, flexibility, creativity, lateral thinking, do your homework for yourself, network, although this forum is a fantastic resource, it is also a lot of people putting forward their perceptions from the point of where they sit and perceive life.
Yes, that includes me.
There are a lot of people investing in regional Victoria and accumulating a very fine base of wealth to kickstart them into whatever they fancy next..and it is a very affordable foothold to begin at.
Which is fine, others have had some fun buying well too, there is no set thing for doing this, it's being there, knowing your area, what a place is worth, being aware of all the auction dates, AND attending them....even in rain! (All the better).
Knowing what is on the market immediately and the stuff that has been there a while, the agents might be having trouble? selling.
Some will say well, there is a reason it's not selling, well, that maybe correct, but that's where perception comes in, other buyers put off by a grubby looking property, untidy, maybe minor repairs needed.
I've seen buyers attend auctions and go hammer and tongs over property that needed major repairs, (new roof plus interior damage), pay top dollar for something they will then outlay more relatively big $$ just to bring it up to value/standard that is not a bargain.
But guess what, it was well presented. You do need to differentiate b/w adding value/bit of a clean up, minorish repairs, paint jobs, good airconditioning, landscape the garden stuff and serious repairs.
-So that is due diligence. On something you know about, (eg the property prices/values).
-Using the poorly presented property as a bargaining tool. The old: "oh, I might be able to take it off your hands" speil. You would be surprised how much leverage you can run with that.
-My personal favorite is attending the auctions and no one makes a bid....that is double leverage. Not only is the property poorly presented, (even though it's a fair dinkum GEM!!!) BUT nobody bid on it!!
Woohoooo!!!!!!!!!!!!!
So then you casually as casual can make out you might be interested, but not much. Put in a ridiculous offer, sometimes, that comes off. Sometimes you may go back and forth a little, so eventually get it for what you had intended anyway.
-I am finding the regional city areas are picking up, more interest, much more spirited bidding, prices creeping, creeping upward, I have possibly seen the easy pickings days pass. Thing is I have stashed away a heap of land through all this, so I go from plan A to plan B...build new houses ...new executive rental properties, and rent them for premium prices on land that I got very, VERY cheaply because I was doing the above.....and then repeat....
It's fun.
Investors may not realise the opportunity within regional cities, I see and hear people just on this board rejecting regionals for different and obscure reasons, these cities are catchment areas for the rest of the state.
Statistically they can perform, (if not better) than many of the metro areas, (if you buy well and know your stuff), remember that regional Victoria has almost 30 per cent of the State's population or approximately 1.4 million people. Give or take a bit of this and that...
It is affordable entry into property investing. If you do your diligence, learn a little more than what you think you might know...perceived no capital growth is jibberish by people that actually bought poorly or don't know what they are talking about. Learn about what you are doing, develop a mindset of openness, flexibility, creativity, lateral thinking, do your homework for yourself, network, although this forum is a fantastic resource, it is also a lot of people putting forward their perceptions from the point of where they sit and perceive life.
Yes, that includes me.
There are a lot of people investing in regional Victoria and accumulating a very fine base of wealth to kickstart them into whatever they fancy next..and it is a very affordable foothold to begin at.
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